Citizens Bancorporation holds annual meeting
NEW ULM — Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its Annual Meeting on Tuesday, Jan. 11, 2022. Citizens Bancorporation is owned by approximately 430 shareholders from New Ulm and the surrounding area.
Re-elected to three-year terms were incumbent directors, Dustan Cross, Mark Denn and Jacob Holm. Other directors not up for election include Bryon Christenson, Lou Geistfeld, Alan Holm, Tim Hoscheit, Walt Luneburg and Kyle Marti. Dustan Cross was re-elected to serve as Chairman of the Board.
Stockholders that attended in-person or via WebEx were provided with a complete review of the financial performance of the bank for 2021. Highlights of the financial report were that the bank has grown to over $586 million in assets, has total equity capital of $52,612,080 and a net profit in 2021 of $8,194,997. Citizens Bancorporation of New Ulm, Inc. paid dividends to stockholders in 2021 totaling $0.94 per share.
Citizens Bank Minnesota was chartered in 1876 with its head office in New Ulm and branches in Lafayette, La Salle, Lakeville, Watkins and Ormsby.